Question 1

What are many of the statutory conditions designed to accomplish?

Options :

A : Provide clarity on the intent of the policy

B : Outline the steps to take to cancel the policy

C : State how PIPEDA applies to the insured and insurer

D : Shift the onus of proof from the insured to the insurer

Answer: A

Question 2

In a non-proportional (excess of loss) reinsurance contract, the reinsurer agrees to pay the portion of any loss thatexceeds $80,000, up to an additional$100,000. How much would the primary insurer pay for an insured loss of$60,000?

Options :

A : $0

B : $20,000

C : $36,000

D : $60,000

Answer: D

Question 3

Which type of policy must be signed by a member of each participating insurer?

Options :

A : Prescription

B : All-inclusive

C : Subscription

D : Subrogation

Answer: C

Question 4

MacMan Inc. employs several salespersons who travel throughout Canada with samples of its products. Which type of coverage does MacMan Inc. require to protect its samples while in the salespersons' possession?

Options :

A : Aviation Insurance

B : Accident Insurance

C : Personal Property Floater

D : Commercial Property Floater

Answer: D

Question 5

If one in every five houses suffers a $50,000 loss each year, and all houses have the same value, what would the pure premium be for each homeowner?

Options :

A : $2,500

B : $5,000

C : $10,000

D : $100,000

Answer: B

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